How Millennials Can Get a Good Start on Retirement Planning
Some simple steps may make a major financial difference over time.
Provided by Roy Smith
If you are younger than 35, saving for retirement may not feel like a priority. After all, retirement may be 30 years away; if your employer does not sponsor a retirement plan, there may be less incentive for you to start.
Even so, you must save and invest for retirement as soon as you can. Time is your greatest ally. The earlier you begin, the more years your invested assets have to grow and compound. If you put off retirement planning until your fifties, you may end up having to devote huge chunks of your income just to catch up, at a time when you may have to care for elderly parents, fund college educations, and pay off a mortgage.
Do your part to reject the financial stereotype that the media places on millennials. Are you familiar with it? According to the mainstream media, millennials are wary of saving and investing; they are just too indebted, too pessimistic, and too scared get into the market after seeing what happened to the investments of their parents during the Great Recession.